InvestorQ : What is your market trend view for 16th September? Can the Nifty now get to 18,000 levels?
swati Bakhda made post

What is your market trend view for 16th September? Can the Nifty now get to 18,000 levels?

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diksha shah answered.
3 months ago
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On 15th September, the Nifty rallied smartly by 139 points and it was supported by a very favourable A/D ratio of 35:15. Interestingly, it was PSU stocks like NTPC, ONGC, BPCL and Oil India that triggered the rally in stocks. With the government going aggressive on its product incentive schemes, the action shifts to the PSU stocks.

Of course, the biggest news on Wednesday was the Telecom Relief Package announced by the Union Cabinet. It announced a 4 year moratorium on payment of dues and a promise to eliminate non-telecom income from AGR in future. This is a big relief for Vodafone Idea and Bharti is likely to gain from the long term benefits of the package.

Foreign investors were net buyers of Rs.233 crore while domestic institutions purchased Rs.168 crore or equities on 15-Sep. In global market trends, there was a sharp bounce of 250 points in Dow and NASDAQ also bounced back. Europe was under pressure but SGX Nifty is playing flat to positive in early trades on Thursday.

Coming to your question on 18,000 on Nifty, there are certainly some merits like the PLI scheme announced and the telecom relief package. Nifty has just crossed 17,500 and it needs to break past this resistance with volumes, post which 18,000 should be achievable. For now liquidity remains a strong factor for the markets.

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